RA ID : CR0403
CHANGE REQUEST
FOR THE UPDATE OF ISO 20022 FINANCIAL REPOSITORY ITEMS
A. Origin of the request:
A.1 Submitter: SMPG CA Working Group.
A.2 Contact person: Jacques Littré, jacques.littre@swift.com, +3226554335
A.3 Sponsors: SMPG CA WG NMPGs members
B. Related messages:
The list of ISO 20022 messages which would be impacted by the changes, including the
Message IDs as shown in the Catalogue of ISO 20022 messages:
seev.034.001.05 - CorporateActionInstructionStatusAdviceV05
seev.041.001.04 - CorporateActionInstructionCancellationRequestStatusAdviceV04
C. Description of the change request:
1. In the seev.034.001.05 (CorporateActionInstructionStatusAdviceV05), delete the 3 code values
“Instruction Irrevocable” (INIR), “Rejected Since In Progress” (DPRG) and “Rejected Since
Already Cancelled” (DCAN) in the sequence:
InstructionProcessingStatus/Rejected/Reason/ReasonCode/Code in the data type
RejectionReason42Code.
2. In the seev.034.001.05 (CorporateActionInstructionStatusAdviceV05), delete the 4 code values
“Payment Not Made” (NPAY), “Securities Not Delivered” (NSEC) and “Valid For Tax Authorities”
(VLDA); “Send to Tax Authorities” (AUTH) in the sequence:
InstructionProcessingStatus/Pending/Reason/ReasonCode/Code in the data type
PendingReason11Code.
3. In the seev.041.001.04 (CorporateActionInstructionCancellationRequestStatusAdviceV05)
replace the data type code list AcceptedStatus1Choice in the sequence
InstructionCancellationRequestStatus/Accepted by the component “NoSpecifiedReason1” so that
the Accepted status has no longer reason codes ADEA, LATE, NSTP, OTHR associated as in
the Securities Market Practice Group Market Practice (SMPG MP).
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4. In the seev.041.001.04 (CorporateActionInstructionCancellationRequestStatusAdviceV04) delete
the 3 code values “Cancelled By Another Party” (CANO) and “Cancelled By System” (CANS) and
“Cancelled By Subcustodian” (CSUB) in the sequence
InstructionCancellationRequestStatus/CancellationCompleted/Reason/ReasonCode/Code in the
data type CancelledStatusReason11Code.
5. In the seev.041.001.04 (CorporateActionInstructionCancellationRequestStatusAdviceV04) delete
the 13 code values CANC, DQUA, DSEC, EVNM, INTV, INVA, LACK, NMTY, OPNM, OPTY,
REFT, SAFE, CERT (and leave only ULNK, ADEA, OTHR DCAN, DPRG, INIR, LATE) in the
sequence InstructionCancellationRequestStatus/Rejected/Reason/ReasonCode/Code in the data
type RejectionReason17Code.
D. Purpose of the change:
The reverse engineering exercise from ISO 15022 to ISO 20022 had decided to implement
the SMPG MT567 (Corporate Action Status and Processing Advice) status and reason codes
market practices directly in the ISO 20022 messages. When analysing the CR 606 change
request, it appeared that there were a number of implementation mistakes in the reason codes
lists of the InstructionStatusAdvice (seev.034) and
InstructionCancellationRequestStatusAdvice (seev.041) messages in the sense that for some
statuses, the ISO 20022 messages implement the full reason code list of the ISO 15022
messages and not the SMPG restricted reason code lists (like in the seev.032 status message).
It is proposed to correct those mistakes so that the ISO 20022 Corporate Actions (CA) status
messages implements strictly the SMPG market practices as initially agreed.
E. Urgency of the request:
Maintenance cycle 2014/2015
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F. Business examples:
N/A.
G. SEG recommendation:
This section is not to be taken care of by the submitter of the change request. It will be
completed in due time by the SEG(s) in charge of the related ISO 20022 messages.
Consider
Timing
- Next yearly cycle: 2014/2015
(the change will be considered for implementation in the
yearly maintenance cycle which starts in 2013 and
completes with the publication of new message versions in
the spring of 2014)
- At the occasion of the next maintenance of the
messages
(the change will be considered for implementation, but
does not justify maintenance of the messages in its own
right – will be pending until more critical change requests
are received for the messages)
- Urgent unscheduled
(the change justifies an urgent implementation outside of
the normal yearly cycle)
- Other timing:
Comments:
Reject
Reason for rejection:
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ANNEX: CR 606 of SR2014
CR 000606: MT567 - Delete Reason Codes ADEA & LATE from PACK
Qualifier
Origin of request
Requesting Country:
Requesting Group:
SMPG
Sponsors
Complies with regulation
None
Business impact of this request
Business impact:
LOW – Low Impact on business applications
Since very low rate of current usage
Commitment to implement the change
Proportion of messages of this type that will be impacted by this change: Less than
0.2% of MT567
Country, community or group that is committed to use this change: NMPGs members
of the CA SMPG
Year they commit to use this change: SR2014
Business context
This CR is a follow up to the approved SR 2013 CR 000407 last year requesting the
change of name and definition of the code PACK with the Status Code qualifier
:25D::IPRC so as to clarify its semantic to mean that the instruction is considered as
“accepted for further processing” and not simply as “acknowledged” which lead to
confusion with the status “Pending” especially when similar Reasons Codes can be used
with both PACK and PEND statuses.
Last year, the CA SMPG had also issued a new market practice complementing this CR
and recommending to no longer use the Reason Codes 24B::PACK//ADEA (“Account
Servicer Deadline missed”) and 24B::PACK//LATE (“Market Deadline missed”) that
were no longer deemed consistent with the PACK status and should only be used with
the PEND status.
This CR is meant to enforce this CA SMPG market practice decided last year and
change the standards accordingly by deleting the same 24B::PACK//ADEA and LATE
reason codes.
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Most part of the community using the instruction status message should benefit from
this change in the sense that it will clarifies the instruction status flow, status and reason
codes for the account owner.
Nature of change
Delete the codes ADEA (“Account Servicer Deadline missed”) and LATE (“Market
Deadline missed”) in the Reason Code qualifier :24B::PACK (“Accepted Reason”)
code list from the MT 567 status message.
Message type(s) impacted
MT 567, seev.034
Examples
Standards Illustration
1. ISO 15022 Illustration
A. In the MT 567 message, in the sequence A2a, in the :24B::PACK Reason Code
qualifier, delete the code values ADEA (Account Servicer Deadline Missed) and LATE
(Market Deadline Missed) as illustrated below.
MT 567 Field Specifications
13. Field 24B: Reason Code
FORMAT
Option B
:4!c/[8c]/4!c
(Qualifier)(Data Source Scheme)(Reason
Code)
PRESENCE
Mandatory in optional subsequence A2a
QUALIFIER
(Error code(s): T89)
Order M/O Qualifier R/N
CR
Options
1
Qualifier Description
M
PEND
N
C1
B
Pending Reason
or
REJT
N
C1
B
Rejection Reason
or
CAND
N
C1
B
Cancellation Reason
or
CANP
N
C1
B
Cancellation Pending Reason
or
PACK
N
C1
B
Accepted Reason
DEFINITION
This qualified generic field specifies:
CAND
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Cancellation
Specifies the reason why the instruction is cancelled.
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Reason
CANP
Cancellation
Pending Reason
Specifies the reason why a cancellation request sent for the
related instruction is pending.
PACK
Accepted
Reason
Specifies additional information about the processed
instruction.
PEND
Pending Reason
Specifies the reason why the instruction/event has a pending
status.
REJT
Rejection
Reason
Specifies the reason why the instruction/cancellation
request has a rejected status.
CODES
If Qualifier is PACK and Data Source Scheme is not present, Reason Code must contain one
of the following codes (Error code(s): K24):
ADEA
Account
Servicer
Deadline
Missed
Received after the account servicer's deadline.
Processed on best effort basis.
LATE
Market
Deadline
Missed
Instruction was received after market deadline.
NARR
Narrative
Reason
See narrative field for reason.
NSTP
Not STP
Instruction was not STP and had to be processed manually.
2. ISO 20022 Illustration
A. Delete ADEA & LATE Code values in the AcceptedForFurtherProcessing status in
Instruction Status Ad
In the seev.034.001.04 (Corporate Action Instruction Status Advice) messages, delete the 2
code values “AccountServicerDeadlineMissed” (ADEA) and “MarketDeadlineMissed”
(LATE) in the sequence
InstructionProcessingStatus/AcceptedForFurtherProcessing/Reason/ReasonCode/Code in the
data type AcknowledgementReason4Code.
SWIFT Comment
Re-checking the full list of status reason codes implemented in the ISO20022 messages,
it appears that in a few cases the full list of reason codes of the ISO15022 standards has
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been implemented instead of the agreed restricted reason codes of the SMPG MP list (as
in GMP Part 3 table).
It is proposed to eventually correct those implementation mistakes in this CR.
Working Group Meeting
Discussion
The MWG agrees with the business case to delete ADEA and LATE code values.
The MWG recommends to postpone to next year SR2015 the corrections on the status
code lists identified by SWIFT in ISO20022 so that we can implement the SMPG MP
on status reason codes (GMP Part 3) in ISO 15022 (alignment with ISO20022) at the
same time.
Decision
Approved (only the deletion of ADEA / LATE – not SWIFT proposal B)
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